Tanjong Pagar Centre set to be tallest building at 290m

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http://www.straitstimes.com/archive/...-290m-20130503

Tanjong Pagar Centre set to be tallest building at 290m

Published on May 03, 2013

By Melissa Tan


A SKYSCRAPER to be built on top of Tanjong Pagar MRT station will be Singapore's tallest building by the time it is finished in 2016.

The 64-storey Tanjong Pagar Centre will stand at 290m, said Singapore-listed GuocoLand yesterday.

This means the mixed-use development will narrowly edge out One Raffles Place, Republic Plaza and United Overseas Bank Plaza One, which are all 280m tall.

It will also trump Singapore's tallest residential skyscraper, the 245m Marina Bay Tower, which is part of The Sail @ Marina Bay and boasts 70 storeys.

The maximum building height allowed in Singapore is 280m but GuocoLand obtained permission to build Tanjong Pagar Centre up to 290m.

The development will consist of a tower housing Grade A office space, residences and retail space. This will be linked to a posh business hotel with about 200 rooms.

Its office portion - to be called Guoco Tower - will occupy 38 storeys and have 850,000 sq ft of net lettable space.

As the office units have higher ceilings than the homes, the height of the office tower is roughly that of a 50-floor residential building. The residential portion will be on top, taking up the 39th to 64th storeys.

Called TP180, it will have nearly 200 units ranging from one- to four-bedders and penthouses.

TP180 starts at the 180m mark and reaches to 290m, eclipsing Far East Organization's nearby 62-floor condominium Altez which is 250m tall.

GuocoLand Singapore group managing director Trina Loh said the homes will be priced at a premium to the surrounding area.

HSR research head Elaine Chow reckons that they could be marketed at above $3,000 per sq ft (psf), given the project's location right above the MRT and view of the city skyline. The 100,000 sq ft of retail space in Tanjong Pagar Centre will be connected to the MRT station below.

The development, which is GuocoLand's first mixed-use project in Singapore, was estimated in 2011 to cost $3.2 billion, including the land cost.

Mrs Loh declined to confirm the total project cost yesterday but said construction alone will cost around $700 million.

GuocoLand, which is controlled by Malaysian billionaire Quek Leng Chan, paid $1.71 billion - or $1,006 psf per plot ratio - for the white site at the corner of Peck Seah Street and Choon Guan Street in February 2011.

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http://www.businesstimes.com.sg/arch...plans-20130503

Published May 03, 2013

GuocoLand unveils Tanjong Pagar plans

It posts net loss of $13.3m for Q3 due to higher project construction costs

By Mindy Tan


Tanjong Pagar Centre: Slated to complete in 2016, the integrated development comprises Grade A offices, the tallest residential block in Singapore, a luxury business hotel, retail space and a sheltered event space - PHOTO: GUOCOLAND

[SINGAPORE] Despite what has been described in some quarters as onerous property cooling measures, GuocoLand is upbeat about the prospects for its first integrated mixed-use development, located above the Tanjong Pagar MRT station.

Slated for completion in 2016, Tanjong Pagar Centre is an integrated development comprising Grade A offices, residential apartments, a luxury business hotel, retail space and a sheltered event space in Tanjong Pagar City Park.

With floor space totalling 1.7 million sq ft, the project will feature Guoco Tower, a 38-storey Grade A office block, six levels of retail and food and beverage (F&B) space, as well as a luxury business hotel.

TP180, which will feature fewer than 200 apartments ranging from one- to four-bedroom units and penthouses, will sit above Guoco Tower. This will be the tallest residential block in Singapore, starting at 180m (equivalent to 50 residential storeys up), and reaching up to 290m.

GuocoLand aims to launch its residential component in the second half of the year.

The retail mall, which is about 100,000 sq ft, will focus on F&B outlets and comprise high-end restaurants, trendy bistros, affordable eateries and, potentially, a food court.

It will aim to be a one-stop convenience spot for people who live and work in the area, said Trina Loh, the group managing director, GuocoLand (Singapore).

"What sets this apart is that the project caters to both the central business district (CBD) and the residential community within the area. Most mixed developments are in new areas, but this is in an existing community," she said.

The offices will feature large floor plate and column-free spaces of between 25,000 and 29,000 sq ft.

Ms Loh said: "Tanjong Pagar Centre signals a transformed portfolio for GuocoLand in Singapore. It will expand our focus on commercial properties in Singapore, and reaffirm our position as a developer of large-scale integrated developments here and in the region."

The group is on the lookout for more opportunities, although it will focus its attention on sites within the CBD.

"At this point, we will be focusing on the CBD because, for mixed integrated developments like this, it makes sense to be in the CBD. But we always look for unique features. In this case, we can build the tallest building in Singapore!" said Ms Loh.

Tanjong Pagar Centre is GuocoLand's first large-scale integrated mixed-use project here, but the group already has a portfolio of mixed-use developments in China, Malaysia and Vietnam.

The Employees Provident Fund (EPF), a pension fund in Malaysia, holds a 20 per cent stake in Tanjong Pagar Centre.

The project will be designed by Skidmore, Owings & Merrill (SOM), which is behind buildings such as the Burj Khalifa in Dubai, Jin Mao Tower in Shanghai and One World Trade Center in New York City.

Separately, GuocoLand announced that it had clocked a net loss attributable to owners of $13.3 million for the third quarter ended March, reversing a net profit of $162 million from a year ago. This was mainly due to additional construction cost recorded for Goodwood Residence and Sophia Residence. Estimated completion cost for the two projects increased as a result of the change in projects' main contractors. Nevertheless, both projects remain profitable.

Revenue fell 12 per cent to $92.4 million from $104.5 million a year ago.

GuocoLand's counter gained 2 cents, or 0.9 per cent, to end trading at $2.28.